When tax season approaches, Raleigh homeowners often wonder how to maximize their potential deductions. One critical decision to consider is whether to itemize deductions—like mortgage interest and property taxes—or to take the flat standard deduction. In this blog post, Certified Mortgage Advisor & Raleigh Mortgage Broker Kevin Martini explains how the 2025 standard deduction increases may benefit Raleigh homeowners and prospective Raleigh homebuyers. Understanding how the standard deduction affects your tax savings can help you make informed choices and maximize your financial health.
What Is the Standard Deduction?
$30,000 for married taxpayers filing a joint return.
$15,000 for single taxpayers.
A tax deduction is an expense you can subtract from your income before paying taxes. For example, if you earn $100,000 per year and have a $10,000 tax deduction, you would only pay income tax on $90,000. Taxpayers can either itemize individual tax deductions (such as qualified home mortgage interest and property taxes) or take a flat “standard deduction.” In 2025, the standard deduction has increased to $15,000 for single taxpayers and $30,000 for married couples filing jointly, up from 2024’s limits. This increase could simplify the tax filing process for homeowners in Raleigh by eliminating the need to itemize in some instances.
How Does the Standard Deduction Impact Raleigh Homeowners & Homebuyers?
Choosing to itemize typically depends on whether your combined itemized deductions exceed the standard deduction. For example, if all your itemized deductions—including qualified home mortgage interest and property taxes—add up to less than the standard deduction, taking the standard deduction may be more beneficial. As a homeowner in Raleigh, these decisions can directly influence your financial strategy, especially as tax deductions play a significant role in overall financial planning. Consulting with a CPA is essential to understand your situation and make an informed choice for tax season.
Standard Deduction, Gift Tax Limits, and Marginal Tax Brackets for 2025
Standard Deduction:
- $30,000 for married couples filing jointly (up from $29,200 in 2024)
- $15,000 for single taxpayers and married individuals filing separately (up from $14,600 in 2024)
- $22,500 for heads of households (up from $21,900 in 2024)
Gift Tax Exclusion:
- $19,000: Annual gift tax exclusion for 2025 (up from $18,000 in 2024)
- $13,990,000: Lifetime exclusion for 2025 (up from $13,610,000 in 2024)
Marginal Tax Brackets:
- 37%: Incomes over $626,350 ($751,600 for married couples filing jointly)
- 35%: Incomes over $250,525 ($501,050 for married couples filing jointly)
- 32%: Incomes over $197,300 ($394,600 for married couples filing jointly)
- 24%: Incomes over $103,350 ($206,700 for married couples filing jointly)
- 22%: Incomes over $48,475 ($96,950 for married couples filing jointly)
- 12%: Incomes over $11,925 ($23,850 for married couples filing jointly)
- 10%: Incomes of $11,925 or less ($23,850 or less for married couples filing jointly)
This overview is provided for informational purposes by the Martini Mortgage group ONLY and does not constitute legal, tax, or financial advice. Please consult with a qualified tax advisor for specific guidance on your situation. For more information, please reference IRS Revenue Procedure 2024-40.
About Certified Mortgage Advisor & Raleigh Mortgage Broker Kevin Martini
Kevin Martini is dedicated to empowering families to build generational wealth through real estate, utilizing cutting-edge mortgage strategies. More than just a Raleigh mortgage lender, Kevin is widely regarded as one of the best Raleigh mortgage brokers due to his status as a Certified Mortgage Advisor and his commitment to a fiduciary approach, ensuring that his client’s best interests are always at the forefront. A prominent figure in both the Raleigh mortgage scene and the broader industry, Kevin has successfully originated over a billion dollars in home loans. His expertise helps clients navigate the complexities of financial planning to achieve their real estate aspirations.
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